Inflation-Adjusted iShares Core S&P Small-Cap ETF (IJR)

The iShares Core S&P Small-Cap ETF (IJR) tracks the S&P SmallCap 600 Index, giving investors exposure to a broad range of small US companies.

Accurately assessing an asset's performance requires looking beyond nominal prices to account for the impact of inflation. This page adjusts IJR's historical prices using the US Consumer Price Index to reveal its real performance over time.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use March 2026 as the baseline (latest available CPI).

The current value of the iShares Core S&P Small-Cap ETF is 137.44 (as of the close of May 1, 2026), which is the all-time high.

Since May 26, 2000, the inflation-adjusted total return for the ETF has been 509.03%, which is equivalent to an annual growth rate of 7.22%.

In nominal values, the total return since this date has been 1,073%, or an annualized rate of 9.96%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted values express older levels in terms of roughly today's purchasing power using the latest CPI data, the same present-value method used by the US Inflation Calculator to compare dollar amounts across different years. The most recent entry will remain the same in both columns until the next CPI figures are published.

Date	Inflation-Adjusted	Nominal value
May 2026	137.44	137.44
Apr 2026	137.1	137.1
Mar 2026	124.31	124.31
Feb 2026	130.85	129.5
Jan 2026	128.76	126.83
Dec 2025	122.27	119.99
Nov 2025	122.38	120.12
Oct 2025	117.07	117.07
Sep 2025	120.06	118.1
Aug 2025	119.12	116.87
Jul 2025	111.61	109.19
Jun 2025	110.78	108.21
May 2025	106.78	103.95
Apr 2025	101.68	98.78
Mar 2025	106.52	103.16
Feb 2025	113.78	109.95
Jan 2025	121.09	116.49
Dec 2024	118.57	113.32
Nov 2024	129.06	123.31
Oct 2024	116.14	111.02
Sep 2024	119.37	113.98
Aug 2024	118.57	113.04
Jul 2024	120.54	114.82
Jun 2024	108.77	103.49
May 2024	111.45	106.01
Apr 2024	106.28	100.92
Mar 2024	112.96	106.85
Feb 2024	110.1	103.47
Jan 2024	107.32	100.24
Dec 2023	112.32	104.34
Nov 2023	99.5	92.52
Oct 2023	91.71	85.45
Sep 2023	97.29	90.68
Aug 2023	103.7	96.42
Jul 2023	108.68	100.61
Jun 2023	103.18	95.34
May 2023	95.67	88.11
Apr 2023	97.54	89.61
Mar 2023	100.85	92.18
Feb 2023	106.76	97.26
Jan 2023	108.67	98.45
Dec 2022	100.02	89.9
Nov 2022	106.85	96.34
Oct 2022	102.64	92.63
Sep 2022	91.76	82.48
Aug 2022	101.99	91.48
Jul 2022	106.56	95.61
Jun 2022	96.92	86.97
May 2022	107.37	95.04
Apr 2022	106.56	93.29
Mar 2022	116.27	101.23
Feb 2022	117.45	100.91
Jan 2022	116.92	99.55
Dec 2021	127.07	107.28
Nov 2021	121.99	102.68
Oct 2021	125.65	105.24
Sep 2021	122.35	101.64
Aug 2021	125.69	104.13
Jul 2021	123.59	102.18
Jun 2021	127.25	104.7
May 2021	128	104.35
Apr 2021	126.38	102.21
Mar 2021	125.11	100.35
Feb 2021	121.69	96.92
Jan 2021	113.6	89.99
Dec 2020	107.45	84.76
Nov 2020	99.37	78.31
Oct 2020	84	66.24
Sep 2020	81.95	64.59
Aug 2020	86.08	67.75
Jul 2020	83.13	65.22
Jun 2020	80.12	62.55
May 2020	77.75	60.37
Apr 2020	74.47	57.82
Mar 2020	65.52	51.21
Feb 2020	84.41	66.13
Jan 2020	93.59	73.11
Dec 2019	97.88	76.17
Nov 2019	94.94	73.95
Oct 2019	92.12	71.79
Sep 2019	90.49	70.36
Aug 2019	87.62	68.08
Jul 2019	91.82	71.35
Jun 2019	90.9	70.51
May 2019	84.7	65.69
Apr 2019	92.96	71.94
Mar 2019	89.97	69.26
Feb 2019	93.53	71.6
Jan 2019	90.02	68.62
Dec 2018	81.52	62.03
Nov 2018	92.55	70.64
Oct 2018	90.79	69.53
Sep 2018	101.66	77.71
Aug 2018	105.01	80.19
Jul 2018	100.24	76.5
Jun 2018	97.11	74.11
May 2018	96.26	73.34
Apr 2018	90.8	68.9
Mar 2018	90.21	68.18
Feb 2018	88.66	66.85
Jan 2018	92.59	69.5
Dec 2017	90.81	67.8
Nov 2017	91.24	68.16
Oct 2017	88.16	65.85
Sep 2017	87.35	65.29
Aug 2017	81.46	60.57
Jul 2017	83.76	62.09
Jun 2017	82.88	61.48
May 2017	80.61	59.74
Apr 2017	82.4	61.02
Mar 2017	81.9	60.47
Feb 2017	82.05	60.53
Jan 2017	81.01	59.57
Dec 2016	81.96	59.92
Nov 2016	79.3	57.96
Oct 2016	70.37	51.51
Sep 2016	73.71	53.89
Aug 2016	73.42	53.55
Jul 2016	72.47	52.81
Jun 2016	68.92	50.3
May 2016	68.66	49.95
Apr 2016	67.85	49.16
Mar 2016	67.36	48.58
Feb 2016	62.54	44.91
Jan 2016	61.91	44.42
Dec 2015	66.09	47.34
Nov 2015	69.14	49.69
Oct 2015	67.18	48.38
Sep 2015	63.3	45.61
Aug 2015	65.51	47.28
Jul 2015	69	49.87
Jun 2015	69.58	50.29
May 2015	69.1	49.76
Apr 2015	68.45	49.05
Mar 2015	70.21	50.2
Feb 2015	69.52	49.41
Jan 2015	65.86	46.61
Dec 2014	67.99	48.35
Nov 2014	65.7	46.99
Oct 2014	65.47	47.08
Sep 2014	61.08	44.03
Aug 2014	64.49	46.45
Jul 2014	61.76	44.56
Jun 2014	65.37	47.18
May 2014	62.51	45.04
Apr 2014	62.63	44.97
Mar 2014	64.6	46.23
Feb 2014	64.59	45.92
Jan 2014	62.09	43.98
Dec 2013	64.72	45.68
Nov 2013	63.84	45.06
Oct 2013	60.98	43.13
Sep 2013	58.72	41.64
Aug 2013	55.38	39.22
Jul 2013	56.77	40.16
Jun 2013	53.15	37.58
May 2013	53.34	37.62
Apr 2013	51.21	36.06
Mar 2013	51.24	36.12
Feb 2013	49.33	34.68
Jan 2013	49.04	34.2
Dec 2012	46.48	32.32
Nov 2012	44.95	31.34
Oct 2012	44.16	30.94
Sep 2012	45.17	31.65
Aug 2012	44.35	30.94
Jul 2012	42.93	29.78
Jun 2012	43.19	30.02
May 2012	41.38	28.8
Apr 2012	44.09	30.72
Mar 2012	44.83	31.14
Feb 2012	43.9	30.27
Jan 2012	43.16	29.62
Dec 2011	40.67	27.79
Nov 2011	40.06	27.45
Oct 2011	39.78	27.28
Sep 2011	34.55	23.74
Aug 2011	38.57	26.46
Jul 2011	41.95	28.7
Jun 2011	43.35	29.64
May 2011	44.12	30.19
Apr 2011	44.71	30.45
Mar 2011	43.85	29.67
Feb 2011	43.01	28.83
Jan 2011	41.39	27.6
Dec 2010	41.54	27.57
Nov 2010	38.68	25.63
Oct 2010	37.27	24.69
Sep 2010	35.8	23.68
Aug 2010	32.2	21.29
Jul 2010	34.89	23.04
Jun 2010	32.79	21.64
May 2010	35.26	23.29
Apr 2010	38	25.09
Mar 2010	35.97	23.71
Feb 2010	33.46	21.96
Jan 2010	32.14	21.09
Dec 2009	33.3	21.78
Nov 2009	30.71	20.12
Oct 2009	29.95	19.61
Sep 2009	31.75	20.77
Aug 2009	30.23	19.76
Jul 2009	29.59	19.3
Jun 2009	26.92	17.59
May 2009	26.68	17.28
Apr 2009	26.27	16.96
Mar 2009	22.3	14.37
Feb 2009	20.96	13.47
Jan 2009	23.89	15.28
Dec 2008	27.17	17.3
Nov 2008	25.59	16.46
Oct 2008	28.47	18.67
Sep 2008	35.13	23.27
Aug 2008	37.58	24.93
Jul 2008	35.89	23.91
Jun 2008	35.41	23.46
May 2008	38.65	25.35
Apr 2008	37.42	24.34
Mar 2008	36.05	23.31
Feb 2008	36.39	23.33
Jan 2008	37.38	23.9
Dec 2007	39.71	25.26
Nov 2007	40.11	25.53
Oct 2007	43.44	27.49
Sep 2007	42.8	27.02
Aug 2007	42.23	26.59
Jul 2007	41.38	26.1
Jun 2007	43.58	27.5
May 2007	44.38	27.95
Apr 2007	42.78	26.78
Mar 2007	42.08	26.17
Feb 2007	41.75	25.73
Jan 2007	42.24	25.89
Dec 2006	41.54	25.38
Nov 2006	41.59	25.38
Oct 2006	40.46	24.73
Sep 2006	38.28	23.52
Aug 2006	37.76	23.32
Jul 2006	37.16	22.9
Jun 2006	38.7	23.78
May 2006	38.86	23.83
Apr 2006	40.91	24.96
Mar 2006	41.21	24.94
Feb 2006	39.47	23.75
Jan 2006	39.74	23.87
Dec 2005	37.01	22.06
Nov 2005	37.27	22.3
Oct 2005	35.16	21.21
Sep 2005	36.53	21.99
Aug 2005	36.71	21.84
Jul 2005	37.51	22.2
Jun 2005	35.5	20.91
May 2005	34.3	20.2
Apr 2005	32.19	18.97
Mar 2005	34.31	20.09
Feb 2005	35.49	20.61
Jan 2005	34.72	20.05
Dec 2004	35.59	20.51
Nov 2004	34.82	20.14
Oct 2004	32.03	18.52
Sep 2004	31.54	18.14
Aug 2004	30.12	17.28
Jul 2004	30.44	17.46
Jun 2004	32.16	18.48
May 2004	30.58	17.51
Apr 2004	30.11	17.14
Mar 2004	31.43	17.84
Feb 2004	31.16	17.57
Jan 2004	30.76	17.25
Dec 2003	30.02	16.76
Nov 2003	29.59	16.53
Oct 2003	28.41	15.92
Sep 2003	26.12	14.65
Aug 2003	26.94	15.06
Jul 2003	25.76	14.34
Jun 2003	24.56	13.66
May 2003	23.93	13.3
Apr 2003	22.19	12.35
Mar 2003	20.4	11.38
Feb 2003	20.42	11.32
Jan 2003	21.32	11.73
Dec 2002	22.09	12.1
Nov 2002	22.8	12.52
Oct 2002	21.63	11.88
Sep 2002	21.06	11.54
Aug 2002	22.4	12.26
Jul 2002	22.34	12.18
Jun 2002	26	14.16
May 2002	27.45	14.95
Apr 2002	28.68	15.61
Mar 2002	27.95	15.13
Feb 2002	26.07	14.04
Jan 2002	26.73	14.34
Dec 2001	26.39	14.12
Nov 2001	24.64	13.24
Oct 2001	23.08	12.42
Sep 2001	21.75	11.75
Aug 2001	25.45	13.68
Jul 2001	25.91	13.93
Jun 2001	26.01	14.02
May 2001	25.51	13.73
Apr 2001	25.11	13.45
Mar 2001	23.37	12.47
Feb 2001	24.55	13.07
Jan 2001	26.21	13.9
Dec 2000	25.18	13.27
Nov 2000	22.85	12.05
Oct 2000	25.42	13.39
Sep 2000	25.33	13.32
Aug 2000	26.2	13.71
Jul 2000	23.96	12.54
Jun 2000	24.72	12.9
May 2000	23.47	12.19

Returns from Investing in the iShares Core S&P Small-Cap ETF

How much did an investment in the IJR ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the iShares Core S&P Small-Cap ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the ETF nominally increased, as in 2011.

Year	Inflation-Adjusted Return	Nominal Return
2024	5.56%	8.61%
2023	12.29%	16.06%
2022	-21.28%	-16.2%
2021	18.25%	26.58%
2020	9.78%	11.27%
2019	20.07%	22.81%
2018	-10.23%	-8.51%
2017	10.8%	13.14%
2016	24.02%	26.59%
2015	-2.8%	-2.09%
2014	5.05%	5.84%
2013	39.23%	41.32%
2012	14.3%	16.29%
2011	-2.1%	0.8%
2010	24.74%	26.61%
2009	22.55%	25.88%
2008	-31.58%	-31.52%
2007	-4.39%	-0.49%
2006	12.23%	15.09%
2005	3.98%	7.53%
2004	18.54%	22.4%
2003	35.94%	38.49%
2002	-16.29%	-14.31%
2001	4.8%	6.43%

Ishares Core S&P Small-Cap Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the iShares Core S&P Small-Cap over various trailing periods ending March 31, 2026, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	16.7%	20.5%
Last 3 years	7.22%	10.48%
Last 5 years	-0.13%	4.37%
Last 10 years	6.32%	9.85%
Last 20 years	5.68%	8.36%

Real Returns of Investing in the iShares Core S&P Small-Cap

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the iShares Core S&P Small-Cap five years ago yielded an 21.84% nominal gain, but the real return (the actual increase in buying power) was -1.33%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2021 - Sep 2025	$121.84	21.84%	-1.33%
Last 10 years Feb 2016 - Sep 2025	$262.98	162.98%	91.98%
Last 25 years Feb 2001 - Sep 2025	$903.45	803.45%	389%

About the iShares Core S&P Small-Cap ETF

The iShares Core S&P Small-Cap ETF (IJR) is an exchange-traded fund from BlackRock designed to track the investment results of an index composed of small-capitalization US equities, specifically the S&P SmallCap 600. Launched in May 2000, IJR offers investors exposure to a diverse portfolio of 600 small-cap stocks, which are often considered to have higher growth potential than their larger counterparts.

The fund spans various sectors and is a popular choice for investors looking to add the unique characteristics of small-cap stocks to their investment strategy.

Last Close May 1, 2026	137.44
Highest May 1, 2026	137.44
Highest, Inflation-Adjusted May 1, 2026	137.44
Annualized return Since May 26, 2000	9.96%
Annualized return, Inflation-Adjusted Since May 26, 2000	7.22%